What is the margin scheme? GST can be a hidden trap for property developers. This is because (unsurprising) the rules around GST on a property can be very confusing! In very general terms if you are selling a property that is considered "new" by the ATO,...
Another question from the common questions file. Our short answer is: Repairs and Maintenance are generally defined as a cost that repairs or replaces an existing item. That means if you replace an appliance with another comparable appliance then it will generally be Repairs & Maintenance, even...
Happy New Year The real new year's day, 1 July, heralds a number of important changes for business. We know how difficult it can be to keep on top of priorities so we have summarised the key changes below for the 2020 tax year. Low and Middle...
NEW COMPANY TAX RATE What does it mean for your current or future structures? In the 2016 tax year the company tax rate of 30% dropped down to 28.5% if the turnover of the company was under $2m. On the 31/3/17 the government announced that the tax rate...
If the legislation gets passed, overseas businesses will have to register for GST in Australia if they have a turnover in excess of $75,000. Despite the difficulty of policing this law, it is actually a good thing. The consequence of this will be that most of...
While trips between home and work are generally considered private travel, you can claim deductions in some circumstances, as well as for some travel between two workplaces. Here is an actual case study provided by the ATO showing the approach they will take if your...
Claiming Travel Expenses Using a Daily Allowance Method - Be Very Careful We have seen some disasters here and it is so easy for the ATO to remove your expenses so please make sure you get it right. It is not something we have a lot of...
“Put not your trust in money, but put your money in trust” Oliver Wendell Holmes, Snr. From an investment and asset protection perspective you should learn and know about trust structures and why they are important in your strategy. There are various types of Trust structure common...
"MY MATE SAID" These are the three words that make every accountant see red! In theory how much tax you pay is a nice neat formula; take the income you have earned less the deductions you can claim & then work out how much tax is payable....